Economics of tourism questions.
Find Economics of tourism university examination questions in acaproso.com
| # | Question | ||||
|---|---|---|---|---|---|
| 1 | Discuss the three fundamental economic questions that economists always try to answer. Short answers |
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| 2 | What do you understand by the term “elasticity of demand”? Short answers |
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| 3 | Discuss the five determinants of elasticity of demand that you learned in class. Short answers |
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| 4 | Define ther term “ marginal cost”. Short answers |
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| 5 | You are given the following table of total cost and the corresponding outputs that were extracted from the expenditure book of a certain tour guiding company during high tourist season.
Use the data given in above table to compute the company`s
Mathematical Calculation |
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| 6 | What is the law of diminishing marginal utility? Short answers |
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| 7 | How can you distinguish between the “cardinal” and “ordinal” approaches to the study of consumer demand? Short answers |
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| 8 | Given that the demand schedule for a tourism product is represented by M=100-5Q and the supply schedule for the same product is repesented by M=40+10Q, where: M=price of the product and Q is the quantity demanded and supplied. FInd the equilibrium price and quantity. Mathematical Calculation |
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